Mortgage Rates Higher, 30 Year Mortgage Rate at 4.83%, 1 Year Adjustable Mortgage Rates at 6.96%

Mortgage rates were mixed in the latest Weekly Mortgage Application Survey released yesterday morning by the MBA. The current average contract 30 year mortgage rate increased to 4.83 percent for the week ending May 28, 2010, up from the previous week’s average mortgage rate of 4.80 percent. Average mortgage discount points decreased to 1.05 points, down from the prior week's average of 1.08 points.

15 year mortgage rates declined slightly for the week ending May 28, 2010. The average contract mortgage rate for 15 year mortgages decreased to 4.24 percent, down from an average 15 year mortgage interest rate of 4.25 percent on May 21, 2010.  Mortgage discount points increased to 1.11 points, up from the previous week's average of 1.00 points.

1 year adjustable mortgage rates were also up for the week ending May 28, 2010. The average contract 1 year adjustable mortgage rate was 6.96 percent, up from the prior week’s average adjustable mortgage interest rate of 6.84 percent. Average mortgage points decreased to 0.27 points, down from the prior week’s average of .038 points.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
District Lending
NMLS #1835285
5.456%
15-Year Fixed
5.250%
$5,412
Includes 0.853 points for $3,412
Lender Fees: $2,000
$3,216 /mo
Price Mortgage, LLC
NMLS #1429043
License: DBO - 60DBO85836
5.642%
15-Year Fixed
5.375%
$7,000
Includes 0.750 points for $3,000
Lender Fees: $4,000
$3,242 /mo
Truss Financial Group
NMLS #2006915
License: 60DBO-149268
5.675%
15-Year Fixed
5.500%
$4,565
Includes 0.655 points for $2,620
Lender Fees: $1,945
$3,269 /mo
GenNext.Mortgage
NMLS #2326098
License: 60DBO-181478
5.700%
15-Year Fixed
5.500%
$5,389
Includes 0.859 points for $3,436
Lender Fees: $1,953
$3,269 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
5.806%
15-Year Fixed
5.625%
$4,692
Includes 0.998 points for $3,992
Lender Fees: $700
$3,295 /mo
Bison State Bank
NMLS #757416
5.836%
15-Year Fixed
5.750%
$2,212
Includes 0.553 points for $2,212
Lender Fees: $0
$3,322 /mo
FBC Mortgage
NMLS #152859
5.896%
15-Year Fixed
5.750%
$3,780
Includes 0.945 points for $3,780
Lender Fees: $0
$3,322 /mo
PenFed Credit Union
NMLS #401822
5.932%
15-Year Fixed
5.625%
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$3,295 /mo
District Lending
NMLS #1835285
6.356%
30-Year Fixed
6.250%
$4,504
Includes 0.626 points for $2,504
Lender Fees: $2,000
$2,463 /mo
Price Mortgage, LLC
NMLS #1429043
License: DBO - 60DBO85836
6.403%
30-Year Fixed
6.250%
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$2,463 /mo
Truss Financial Group
NMLS #2006915
License: 60DBO-149268
6.618%
30-Year Fixed
6.500%
$4,945
Includes 0.750 points for $3,000
Lender Fees: $1,945
$2,529 /mo
FBC Mortgage
NMLS #152859
6.683%
30-Year Fixed
6.625%
$2,384
Includes 0.596 points for $2,384
Lender Fees: $0
$2,562 /mo
Bison State Bank
NMLS #757416
6.710%
30-Year Fixed
6.624%
$3,548
Includes 0.887 points for $3,548
Lender Fees: $0
$2,561 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.721%
30-Year Fixed
6.625%
$3,984
Includes 0.821 points for $3,284
Lender Fees: $700
$2,562 /mo
GenNext.Mortgage
NMLS #2326098
License: 60DBO-181478
6.738%
30-Year Fixed
6.625%
$4,853
Includes 0.725 points for $2,900
Lender Fees: $1,953
$2,562 /mo
District Lending
NMLS #1835285
6.893%
5-Year ARM
6.750%
$5,876
Includes 0.969 points for $3,876
Lender Fees: $2,000
$2,595 /mo
Price Mortgage, LLC
NMLS #1429043
License: DBO - 60DBO85836
6.941%
5-Year ARM
6.750%
$7,872
Includes 0.968 points for $3,872
Lender Fees: $4,000
$2,595 /mo
PenFed Credit Union
NMLS #401822
7.010%
30-Year Fixed
6.875%
$5,495
Includes 0.875 points for $3,500
Lender Fees: $1,995
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.130%
15-Year Fixed
6.990%
$3,500
Includes 0.875 points for $3,500
Lender Fees: $0
$3,594 /mo
Rocket Mortgage
NMLS #3030
7.200%
30-Year Fixed
7.125%
$3,000
Includes 0.750 points for $3,000
Lender Fees: $0
$2,695 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Low mortgage rates continue to help the refinance market. Mortgage refinance applications were up for the fourth consecutive week. The Refinance Index which measures mortgage applications for home refinancing was up 2.4 percent from the prior week.

 
Author: Brian McKay
June 3rd, 2010

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